Real-time gross settlement and the costs of immediacy

• 成果类型: Article
• 署名作者: Kahn, CM; Roberds, W
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Atlanta; University of Illinois System; University of Illinois Urbana-Champaign
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(01)00047-2
• 发表日期: 2001
• 页码: 299-319
• 关键词: payments; money; real-time gross settlement

摘要

Using a neoclassical monetary model, we investigate the welfare cost of a payment system that operates as a real-time gross settlement (RTGS) system. We illustrate how the cost of such systems ultimately derives from the credit constraints imposed by RTGS. The effects of these constraints can be undone if the central bank makes intraday credit freely available. If intraday credit is only available on a collateralized basis, however, RTGS will always impose a liquidity cost. (C) 2001 Published by Elsevier Science B.V.